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Investing.com - Jefferies has raised its price target on MarketAxess (NASDAQ:MKTX) to $217.00 from $214.00 while maintaining a Hold rating on the stock. According to InvestingPro data, the company currently trades at $216.05, with a relatively high P/E multiple of 37.5x, suggesting premium valuation levels.
The price target adjustment follows stronger-than-expected trading volumes across all asset classes for the second quarter of 2025. Jefferies revised its Q2 earnings per share estimate upward to $1.95 from $1.83, citing total average daily volume (ADV) of $48.5 billion, which was 28% higher than previously estimated. The company has demonstrated solid financial performance, with revenue growing 7.3% over the last twelve months to $815 million, as reported by InvestingPro.
High-grade credit trading volumes exceeded prior estimates by 10%, while high-yield credit was 13% higher. Eurobonds and emerging markets trading also outperformed expectations, showing increases of 16% and 10% respectively. The growth in emerging markets and Eurobond trading was partially attributed to new targeted block trading initiatives implemented this year.
Despite the volume increases, fee per million (FPM) in credit trading declined by $1 quarter-over-quarter to $138, primarily due to protocol mix. In rates trading, while ADV was 39% higher than previous estimates, FPM of $3.90 was 7% below prior estimates and down $0.30 from the previous quarter.
MarketAxess completed its acquisition of 90% of the RFQ-hub platform in May, which will partially impact second-quarter results. Jefferies now forecasts a Q2 operating margin of 42.7%, up from its previous estimate of 42.0%, with quarterly expenses projected at $126 million compared to $124 million previously estimated. With earnings scheduled for July 16, investors can access comprehensive analysis and additional insights through InvestingPro’s detailed Research Report, which includes expert analysis of the company’s strong financial health metrics and future growth potential.
In other recent news, MarketAxess Holdings Inc. reported record trading volumes for the second quarter of 2025, with total trading average daily volume reaching $49.0 billion, marking a 43% increase from the previous year. The company achieved over $1 trillion in total credit quarterly trading volume and a record $2 trillion in total rates volume. Additionally, MarketAxess announced the appointment of Dean Berry as Group Chief Operating Officer and CEO for the EMEA and APAC regions, aiming to enhance global operations and innovation in fixed-income markets. UBS reiterated its Buy rating on MarketAxess, maintaining a $295 price target, despite adjusting its earnings estimates due to lower credit transaction fees. Citi also reiterated a Buy rating with a $265 price target, highlighting strong trading volumes and market share trends. Raymond (NSE:RYMD) James maintained a Market Perform rating, noting the need for sustained market share momentum. The company saw significant growth in portfolio trading and block trading, with emerging markets activity exceeding expectations. These developments underscore MarketAxess’s strategic initiatives and ongoing performance in the electronic trading sector.
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